ABA: CFPB Prepaid Rules Could Harm Underbanked Customers
In a news release, the American Bankers Association commented on the CFPB’s proposed rulemaking regarding prepaid cards: “The CFPB’s proposed rules for prepaid products include some onerous provisions that could create insurmountable compliance barriers for banks offering the cards, ABA said in a comment letter. This would be particularly harmful for “underbanked” individuals, many of…
CFPB: Study Reports More Than 50 Million Credit Card Consumers Have Access to Free Credit Scores
New Study Indicates that Consumers Access Credit Scores and Credit Reports in a Variety of Ways but Confusion Persists WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) reported that more than 50 million consumers now have free and regular access to their credit scores through their monthly credit card statements or online. Last year,…
CFPB: Safe Student Account Scorecard Released
Bureau Seeks Comment on Scorecard to Help Schools Avoid Promoting Products with Tricks and Traps WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is seeking input on a “Safe Student Account Scorecard” that would help colleges to avoid partnering with financial institutions that offer checking and prepaid accounts with tricks and traps. The scorecard…
CFPB: Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage
CFPB Releases “Owning a Home” Toolkit to Help Consumers Shopping for a Mortgage WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially…